In a recent transaction, Scott Schatz, the Executive Vice President of Finance Operations and Technology at Townsquare Media, Inc. (NYSE:TSQ), sold a significant amount of company stock, totaling over $1.6 million. The sale took place on April 4, 2024, and involved 131,929 shares of Class B Common Stock at a price range of $12.36 per share. The total value of the shares disposed of by Schatz reached approximately $1,630,642.
In addition to the stock sale, Schatz also exercised options for the same number of shares on the same day. These transactions were part of a series of pre-planned trades under a stock option plan. The options, which were set to expire shortly, were exercised for cash at a price of $8.74 per share, amounting to a total of $1,153,059.
Following these transactions, Schatz's holdings in the company have changed significantly. According to the filing, he now owns 200,083 shares of Class B Common Stock directly. Additionally, the filing includes an informational note that Schatz still holds 21,846 shares of Class B common stock that are not subject to vesting or transfer restrictions, as well as 178,237 options to purchase Class B common stock that are fully vested.
Investors often monitor such filings for insights into executive sentiment about their company's stock. Transactions by top executives can sometimes provide valuable information regarding the financial health and future prospects of a company.
Townsquare Media, Inc., based in Purchase, New York, operates as a radio broadcasting company and is known for its focus on local media and entertainment in small and mid-sized markets.
InvestingPro Insights
Recent market data and analysis from InvestingPro provide a nuanced view of Townsquare Media, Inc. (NYSE:TSQ) following the substantial stock sale by Executive Vice President Scott Schatz. The company's adjusted market capitalization stands at $192.34 million, with a notable Price to Book (P/B) ratio of 29.56 as of the last twelve months ending Q4 2023. This high P/B ratio could indicate that the market is currently valuing the company's assets quite optimistically.
Investors may be interested in the InvestingPro Tips that highlight the company's strong shareholder yield and significant returns over various periods, including the last week, month, three months, and year. Specifically, TSQ has seen a price total return of 9.19% over the past week and an impressive 63.03% over the past year. This performance is indicative of a positive trend in the stock's valuation, which may align with the recent executive stock sale.
Moreover, Townsquare Media pays a significant dividend to its shareholders, with a dividend yield of 6.29% as of the latest data. This is a factor that income-focused investors might find particularly attractive. It's worth noting that the stock is trading near its 52-week high, at 98.66% of that level, and has a strong free cash flow yield according to the valuation metrics provided by InvestingPro.
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